Ford Credit Canada Limited and Ford Motor Company Bond Ratings

Press Release: Ford Credit Canada Limited and Ford Motor Company
Date of Release: Oct 23, 2001
Confirms at R-1 (low)

Kam Hon, David Schroeder / 416-593-5577 ext.2243, ext.2232 / e-mail:
khon@dbrs.com

Ford Motor Company
Rating	Trend	Rating Action	Debt Rated	
R-1 (low)	Stable	Confirmed	Commercial Paper	

Ford Credit Canada Limited
Rating	Trend	Rating Action	Debt Rated	
R-1 (low)	Stable	Confirmed	Commercial Paper	

The commercial paper rating of Ford Motor Company ("Ford" or "the
Company") and Ford Credit Canada Limited is confirmed at R-1 (low) with
a Stable trend. The confirmation reflects the Company's favourable
liquidity and balance sheet despite weakened profitability.
Ford's market share and profitability in its core North American market
has been declining. Growing competition, particularly in the highly
profitable light trucks and SUV, the "Firestone tire recalls," and, more
recently, production and quality issues have weighed on earnings. With
the North American automobile market expected to weaken significantly,
profitability is expected to remain under pressure in the near term.
Although there has been heavy cash usage recently for acquisitions,
share repurchases and dividends, the balance sheet remains favourable.
Ford's automotive operations continue to be debt free (cash plus VEBA
exceeds debt). In addition, the Company's recent action to reduce
dividends with annualized savings of $1.1 billion further adds to
liquidity. Furthermore, Ford's modest debt maturity schedule, averaging
28.5 years, further increases its financial flexibility.

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